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EXHIBIT (c)(10)H
EMPLOYMENT ARRANGEMENT
XXXXX XXXXXXXX 6/6/96
The Board of Directors of Valley National Bank and Valley National
Bancorp have extended to Xx. Xxxxx Xxxxxxxx employment arrangements as
outlined in this letter. This agreement amends all employment
arrangements between Xxxxx Xxxxxxxx and Valley National Bank and Valley
National Bancorp.
1. New Title - Vice Chairman
2. New Base Salary - $250,000.
3. Eligible for Annual Executive Incentive Bonus Plan.
4. Continue participation in all VNB Benefit plans until retirement. Long
Term Disability benefit will be based on 60% of new base salary. Group
Life Insurance benefit will continue at current level.
5. Continue special executive benefits including bank car, country club
membership and annual executive medical evaluation program.
6. Continue participation in the VNB Benefit Equalization Plan.
7. Xx. Xxxxxxxx will be eligible for a minimum pension of $164,036.
annually should he retire anytime after age 65. This amount is based on
a joint and survivor option and includes the total benefits from the
VNB Pension Plan and the VNB Pension Benefits Equalization Plan.
8. Subject to amending the position title, current Severance and Change in
Control agreements remain in effect with the 1995 annual base salary to
be used for calculations in these agreements.
9. Subject to annual appointment and election, Xx. Xxxxxxxx will continue
as a member of the VNB Board of Directors and Executive Committee as
well as other Board Committees and will be required to attend a minimum
of 75% of these meetings.
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10. Xx. Xxxxxxxx will continue to report directly to Xxxxxx X. Xxxxxx,
Chairman, President and CEO. He will be responsible for management of
financial and investment departments and such additional duties as may
be assigned by the CEO.
11. Xx. Xxxxxxxx will continue to be a full time employee with a flexible
work schedule to include 12 weeks of paid vacation per calendar year,
no more than three weeks consecutive. He will continue to be provided
with the same Valley office and secretarial support.
12. Effective date of this employment arrangement is May 8, 1996. The VNB
Personnel and Compensation Committee is responsible to the Board of
Directors for the review of this agreement on an annual basis,
coincident with the review of other officers/directors.
/s/ Xxxxx Xxxxxxxx /s/ Xxxxxx X. Xxxxxx
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Xxxxxx Xxxxxx
Xxxxx Xxxxxxxx Xxxxxx X. Xxxxxx
Vice Chairman Chairman, President and
CEO
/s/ Xxxxx X. Xxxxxxx /s/ Xxxxxx XxXxxxx
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Witness Xxxxxx XxXxxxx
Xxxxx X. Xxxxxxx Chairman VNB Personnel
Senior Vice President and Compensation Committee
